Stay Informed!

By Lauren Stebbins on 11/01/2010 @ 10:59 AM

Tags: Innovation, Rural, Entrepreneurship

Last Thursday the U.S. Department of Agriculture announced the first awardees of the Rural Microenterprise Assistance Program (RMAP), which was authorized by the Farm Bill (Food, Conservation and Energy Act of 2008). In total, 75 organizations in 36 states will receive funds through RMAP to provide loans and technical assistance to rural entrepreneurs for small business financing. Of the approximately $31 million awarded, $24 million will take the form of loans to microlenders that can use it to provide loans to rural entrepreneurs. The remaining $7 million will take the form of grants to microlenders and microenterprise development organizations to provide expanded technical assistance services to these entrepreneurs. By expanding technical assistance support and providing start-up and growth capital for small business and microenterprises, RMAP is designed to help create much-needed jobs in hard-hit, rural areas.  

The full press release from USDA on the RMAP awardees includes a list of all of the organizations that received funding. CFED was delighted that USDA incorporated several of our recommendations to the Interim Rule establishing RMAP and will be working to monitor its implementation and availability of additional funds for the program.

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